McDonough says Fed has time before rate hike

US - Federal Reserve Bank of New York President William McDonough said on Thursday the Fed is unsure about how strong the U.S. economy may be in the latter half of this year and can be patient before raising interest rates.

"When we think the economic recovery is much more clear and certain than it is now, we will have time to do what is necessary," McDonough told business leaders at Hofstra University Club.

"The second half of this year should be quite strong...but a self-fulfilling prophecy c